Insulet CorporationJ.P. Morgan Healthcare ConferenceShacey Petrovic, President & CEO

January 2021

Michelle and Emma T.Podders since 2019 and 2020

Forward Looking StatementThis presentation may contain forward-looking statements concerning Insulet's expectations, anticipations, intentions, beliefs or strategies regarding the future. These forward-looking statements are based on current expectations and beliefs concerning future developments and their potential effects on Insulet. There can be no assurance that future developments affecting Insulet will be those that it has anticipated. These forward-looking statements involve a number of risks, uncertainties (some of which are beyond its control) or other assumptions that may cause actual results or performance to be materially different from those expressed or implied by these forward-looking statements, and other risks and uncertainties described in its Annual Report on Form 10-K, which was filed with the Securities and Exchange Commission in February 2020 in the section entitled "Risk Factors," and in its other filings from time to time with the Securities and Exchange Commission. Should one or more ofthese risks or uncertainties materialize, or should any of its assumptions prove incorrect, actual results may vary in material respects from those projected in these forward-looking statements. Insulet undertakes no obligation to publicly update or revise any forward-looking statements.

© 2021 Insulet Corporation, Omnipod, the Omnipod logo, DASH, HypoProtect, Podder and Omnipod 5 are trademarks or registered trademarks of Insulet Corporation. All rights reserved. All other trademarks are the property of their respective owners. The use of third-party trademarks does not constitute an endorsement or imply a relationship or other affiliation.

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Agenda

Capturing a Large and Underpenetrated Market Opportunity

Providing Easy, Affordable Access to More Customers

Breaking Barriers with Consumer-Focused Innovation

1

2

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Delivering Strong Revenue Growth and Expanding Margins4Leah R.Podder since 2018

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2020 Year in Review: Delivered Results in a Dynamic Environment

20-21% expected annual revenue growth1

Advanced Omnipod 5

>30% U.S. pharmacy (Rx) volume in Q3’201

2 in 3 U.S. new customers on Omnipod DASH1

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1 – Per the Company's third quarter 2020 earnings call on November 4, 2020. Growth rates are in constant currency.

1 in 3 in U.S. new customers Type 21

Doubled R&D headcount in 2020

5 new countries

3rd U.S. manufacturing line and 2nd international contract manufacturer

Robust Innovation Pipeline

While Advancing Our Strategic Imperatives

Consistent execution of strategic imperatives lays foundation for sustainable long-term growth

Affordable Broad Access

International Expansion

Operational Excellence

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Large and Underpenetrated Global Market Opportunity

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1 – Insulet internal market model. 2 – Automated insulin delivery. 3 – Continuous glucose monitoring.

Type 1 Diabetes(T1D)

~3.5-4M ~6.5-7M

Type 2 Diabetes InsulinIntensive (T2DII)

Insulet’s total addressable market in the countries we serve today1

Multiple Daily Injection(MDI) Population Market Opportunity

2020 Pump Penetration

Growth drivers:+ Consumer-focused innovation

+ AID2 technology

+ Pharmacy access

+ Increased awareness

+ CGM3 adoption

+ International expansion

+ Salesforce expansion

+ Clinical evidence

Capturing the Market and Accelerating Customer Adoption

Conventional Insulin Pump

One Pod replaces up to 14 injections1

Omnipod~95% of the global market opportunity

of the global market opportunity

vs.

Alecia B.Podder since 2017

MDI

~5%

vs.

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1 – Insulet internal model.

Simplifying Life and Improving OutcomesUniquely attractive to MDI population – Reduces burden of T1D and T2DII:

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Kate H.Podder since 2012

~80% of new customers from MDI; majority would not have moved to pump therapy if not for Omnipod1

Provides discretion, simplicity and ease of use

Simple onboarding and efficient support minimizes training time

Industry-leading retention and customer loyalty

Improved glycemic control following transition to Omnipod from MDI2

Omnipod provides differentiated value and unlocks unique business model

1 – Insulet internal model. 2 – Adults with T1D: Overall 0.4% reduction in HbA1c after 12 months and individuals with HbA1c values of 9.0%+ experienced greatest improvement (1.2% reduction).

Providing Easy, Affordable Access to More Customers

Low, more predictable out-of-pocket costs

Omnipod is easily available regardless of age or diabetes type

No large upfront costs or4-year lock-in period

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Tom L.Podder since 2016

Pay-as-you-go (PAYG) and pharmacy channel benefits

Easier to prescribe

30 Days of Freedom free trial

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Reduced access barriers with PAYG model and Rx access

One-stop shopping at pharmacies

Omnipod DASH: Fueling Success with MDI, Pharmacy and Type 2

1 – Per the Company's third quarter 2020 earnings call on November 4, 2020.

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+ Move to mobile technology: platform for next-generations

+ Drove ~65% of U.S. new customers in Q3’201

+ Secured 65 to 70% of U.S. covered lives1

+ Majority of new international customers are Omnipod DASH

+ End-to-end virtual training and onboarding

+ 1 in 3 new Omnipod customers have T2D1

Driving strong momentum

Driving Adoption with Significant Opportunity in T2D Market

Omnipod significantly reduces the burden of diabetes by offering improvements in glucose management and a well-designed, intuitive and easy-to-use discreet on-body Pod, while also reducing the amount of insulin needed. It is incredibly well-suited for the T2D population.”

John H.Podder since 2019

Insulet is knocking down barriers for pump therapy adoption by providing unique advantages:

Pay-As-You-Go BusinessModel

Pharmacy Channel

Form Factor

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Anders Carlson, MD Medical Director, International Diabetes Center

“ Omnipod significantly reduces the burden of diabetes by offering improvements in glucose management and a well-designed, intuitive and easy-to-use discreet on-body Pod, while also reducing the amount of insulin needed. It is incredibly well-suited for the T2D population.”Dr. Anders Carlson, Medical Director, International Diabetes CenterPrincipal Investigator for Omnipod 5 pivotal study and Type 2 diabetes feasibility study

Omnipod 5: The Next Evolution of Consumer-Focused Innovation

1stto provide

Tubeless, entirely wearable AID system Customizable glucose target CGM value and trend informed bolus calculator Onbody algorithm (resides on the pod) HypoProtectTM for times of elevated risk Full personal smartphone control SIM card on backup controller for constant connectivity Pharmacy access No 4-year lock-in period or up-front costs

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Max K. Podder since 2018(First OP5 pre-school pivotal trial participant)

The only tubeless AID system that continuously adapts and automatically delivers insulin to your personal needs.

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Omnipod 5 Demo Video

Omnipod 5 Simplifies Insulin Management for Confident Glucose Control

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Not only have you achieved outstanding clinical results, but the diabetes burden has been ameliorated and the satisfaction is unlike anything I have experienced before, especially for the caregivers. It’s clear that this is about the patients and their families.”Dr. Daniel DeSalvo, Baylor College of MedicinePrincipal Investigator for Omnipod 5 pivotal study

“ Our nighttime routine was no sleeping and staring at our son. Now, with Omnipod 5, all three of us are sleeping. We are happier and healthier. We relied on Omnipod 5 to do its job and it did.”Cynthia D.Mother of a Podder and OP5 pivotal trial participant

“

Families have called Omnipod 5 a ‘game-changer’ given it has significantly increased time-in-range for their children. Omnipod 5has helped them sleep better and reduced the burden of diabetes.”Dr. Jennifer Sherr, Yale UniversityPrincipal Investigator for Omnipod 5 pivotal study

“Since using Omnipod 5, our patient’s family was able to have their first weekend away since his diagnosis! Omnipod 5 is simple, easy to use and offers them reassurance that their son is safe.”Dr. Sarah MacLeish, University Hospitals Cleveland Medical Center, Rainbow Babies and Children’s HospitalPrincipal Investigator for Omnipod 5 pivotal study

“

Omnipod 5 Delivers Exciting Clinical Outcomes

1- Time-in-range for adults ages 14-70.

Strong performance in the pre-pivotal trial1

Safe and effective+ Overnight time in range was strong for adults (74%) and children (72%)

+ No serious adverse events

+ Remained in closed loop 97% of study period

73% 0.7% 0Time in range

Time in Hypoglycemia

Episodes of severe hypo or diabetic ketoacidosis

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Pivotal data expected to be presented at Endo 2021 meeting in March

1 – Clinical outcomes pertain to adults.

Omnipod 5 – Charting Our Course

Pivotal study -ages 6-70

Pivotal study – 1st

6-month extension

1st subjects almost complete

HypoProtect use in exercise study

Pivotal study – 2nd

6-month extensionPivotal study -Pre-school

T2D Feasibility study

T1D and T2D in-hospital study

Type 1 Type 2

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Ongoing Expect start in ‘21

Complete Expect start in ‘21

Expect start in ‘21

Enrolling

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Building a Robust Innovation Pipeline While Creating Future Generations of Consumer-Focused Innovation

Simplicity Outcomes Empowerment Choice

Global Geographic Expansion Fueling Growth

• Full commercial launches and Canada next week

• Majority of new customers on Omnipod DASH~1M2 TAM• Entered five new markets ahead of plan

despite COVID slowdowns

• Work underway for larger markets

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Omnipod DASH launch2020 expansion1 2021 expansion1

1 – 2020 expansion into Belgium, Croatia, Greece, Kuwait and Qatar; 2021 expected into Turkey and Australia 2 – Total addressable market per Insulet internal market model.

Accelerating Investments to Further Expand Margins and Support Growing Demand

1 – Per the Company's third quarter 2020 earnings call on November 4, 2020.

2017 2020E 2021 Target

60%

67-70%1

64%1

~1,000 bps expansion + Continuing to ramp 1st two highly automated

U.S. manufacturing lines

+ Installed 3rd U.S. manufacturing line

+ Added 2nd contract manufacturer in China

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Insulet U.S. Manufacturing

Manufacturing and supply chain excellence –Key component of expanding gross margin

OPERATING MARGINGROSS MARGINREVENUE

Consistent Execution Delivering Strong Revenue Growthand Expanding Margins

2017 2020E 2021 Target

$1B1$464M$887-

895M1

2017 2020E 2021 Target

60% 67-70%164%1

21% CAGR

~1,000 bps expansion

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Mid-single digits1

operating margin

Low double-digit2

operating margin

0%

-2%

> 1,200 bps expansion

2017 2020E 2021 Target

1 – Per the Company's third quarter 2020 earnings call on November 4, 2020. 2 – Revised financial target as of January 12, 2021.

In Summary

Capturing a Large and Underpenetrated Market Opportunity

Providing Easy, Affordable Access to More Customers

Breaking Barriers with Consumer-Focused Innovation

Delivering Strong Revenue Growth and Expanding Margins

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Myrthe H.Podder since 2017

Thank You

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